餐饮业进入是否推高当地房价？来自伦敦的事件研究证据
Does Entry of Food-and-Drink Establishments Raise Local House Prices? Event-Study Evidence from London
AI总结：
本文通过伦敦的面板数据，研究餐饮业进入对房价的影响，发现房价在事件年逐渐上升，支持了商业进入对当地 amenity 的资本化。
摘要：
餐馆、咖啡馆、 pubs 和快餐店是邻里变化的显著标志，但它们的出现是否被附近房价所反映仍缺乏实证证据。我们构建了一个覆盖伦敦的面板，连接土地登记处价格、非住宅EPC申报时间以及邻里便利性措施。我们的首选年度事件研究设计将治疗定义为LSOA记录至少两个符合条件的EPC申报的首年，经过两年回顾期且无先前申报。在该规范中，预趋势测试在堆叠或Sun-Abraham估计器中均未被拒绝，且房价在事件年逐渐上升，从约0.5%上升到第四至第五年的大约3.4-3.7%。结果支持了商业进入后当地便利性资本化，同时对内生选址和同时期再开发保持谨慎。
英文摘要：
Restaurants, cafes, pubs, and takeaways are among the most visible markers of neighborhood change, yet whether their arrival is capitalised into nearby housing values remains empirically unsettled. We assemble a London-wide panel linking Land Registry prices, non-domestic EPC lodgement timings for food-and-drink establishments, and neighborhood amenity measures at the LSOA level. Our preferred annual event-study design defines treatment as the first clean-onset year in which an LSOA records at least two eligible EPC lodgements for food-and-drink establishments, after a two-year lookback with no prior entries. In this specification, pre-trend tests are not rejected in either the stacked or Sun-Abraham estimators, and log house prices rise gradually from about 0.5% in the event year to roughly 3.4--3.7% by years four and five. The results are consistent with local amenity capitalization following commercial entry, while remaining appropriately cautious about endogenous siting and concurrent redevelopment.
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